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Home Report In December


Fishy
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A 'stampede' .... of 425 properties in the WHOLE of Scotland (including a couple of garages!)

230 member firms, so 425/230 = 1.85 properties listed per member firm, on average.

A stampede, or just a wee bit more than in recent times...?

You got to be a troll...???

400 properties just registered on ESPC in a couple of days....just Edinburgh..Not the whole of Scotland...

But im sure you can read before trolling...??

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And funnily enough I'm not sure there were any new properties on the ESPC this week at all!!

It actually seems to be the reverse. Here's what my more-or-less-daily scrapings have said over the last couple of weeks.

Fri Nov 14 12:12:57 GMT 2008

We currently have 9,827 properties for sale or to let, including 5,783 across the ESPC area.

Wed Nov 19 23:45:44 GMT 2008

We currently have 9,766 properties for sale or to let, including 5,716 across the ESPC area.

Thu Nov 20 23:55:08 GMT 2008

We currently have 9,798 properties for sale or to let, including 5,722 across the ESPC area.

Sat Nov 22 13:42:23 GMT 2008

We currently have 9,788 properties for sale or to let, including 5,712 across the ESPC area.

Mon Nov 24 20:09:06 GMT 2008

We currently have 8,051 properties for sale or to let, including 5,819 across the ESPC area.

Tue Nov 25 13:56:07 GMT 2008

We currently have 7,920 properties for sale or to let, including 5,688 across the ESPC area.

Tue Nov 25 22:49:39 GMT 2008

We currently have 7,899 properties for sale or to let, including 5,667 across the ESPC area.

Wed Nov 26 17:25:39 GMT 2008

We currently have 7,952 properties for sale or to let, including 5,720 across the ESPC area.

Thu Nov 27 22:18:27 GMT 2008

We currently have 8,011 properties for sale or to let, including 5,779 across the ESPC area.

Mon Dec 1 17:37:45 GMT 2008

We currently have 8,099 properties for sale or to let, including 5,867 across the ESPC area.

Tue Dec 2 19:16:58 GMT 2008

We currently have 7,997 properties for sale or to let, including 5,765 across the ESPC area.

The number for sale in Edinburgh has remained pretty much the same in Edinburgh over the last few weeks. The total's fallen drastically for some reason, but I suspect this may be to do with the way they collect their figures rather than a sudden burst in sales.

It's interesting to compare these with the figures from three months ago:

Mon Sep 1 17:34:14 BST 2008

We currently have 10,041 properties for sale or to let, including 6,675 across the ESPC area.

Quite a big drop in the number for sale. Either the market's picked up or people are waiting for next year's spring bounce.

Edited by Scunnered
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Purely anecdotally, the searches I have on ESPC were usually returning 12-15 options a day at the end of spring but now they've slowed right down to 4-6. I had 6 this morning and every single one was an old house recycling as new. My searches haven't changed that much. Far fewer properties are disappearing from my saved stock and I think a fair percentage of those that do are ones that have been on the market for a long time without moving.

I would suspect that normally there would have been a splurge of houses before Home Packs came in but this is a quiet time of the year anyway and no one would put up a house for sale unless they really had to right now so that may have overridden the urge to bypass the homepacks.

Couple of days ago at my first ceilidh I chatted with a person and he was all about a friend who had just got a house for 75k less than it was on the market for 1 year ago. I've a feeling that buying bargains is going to become the new property pron conversation.

As I say, it's all anecdotal. FWIW I'm seeing some drops (about 2/3 of my saved properties have come down in price) in the rough 5% range of places I'm interested in.

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"You got to be a troll...???

400 properties just registered on ESPC in a couple of days....just Edinburgh..Not the whole of Scotland...

But im sure you can read before trolling...??"

'scuse me? A troll? Why?

Go on, perform a 'Detailed' search of the NEW properties listed BY THE ESPC for THE WHOLE OF SCOTLAND.

As of a few minutes ago, it returned 425 properties.

Not just Edinburgh listings, ALL the listings taken by ESPC members in Edinburgh, The Lothians, Fife and Central Region, etc etc

They don't just sell properties in Edinburgh!

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Either the market's picked up or people are waiting for next year's spring bounce.

I'll just rent it out instead.... :rolleyes:

Have a look at the rental listings. Have a look up and down Dundas St for a perfect example. Masses of places to ren that you would usually have to be quick in to get.

Holy shit !!! Just did a quick search on citylets. Have been doing my stats for ages now. Never have I seen anywhere near as many down as 'AVAILABLE NOW'.

Did a search on 2 beds in edinburgh 6-700. Almost every one was AVAILABLE NOW.

HUGE oversupply. Just think of the void periods. Remember folks - 'Ill just rent it out instead' is one of the most important aspects of this crash. It will keep it going on and on and on.... :lol:

I can exclusively reveal rents in Edinburgh are about to collapse. ;)

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I'll just rent it out instead.... :rolleyes:

Have a look at the rental listings. Have a look up and down Dundas St for a perfect example. Masses of places to ren that you would usually have to be quick in to get.

Holy shit !!! Just did a quick search on citylets. Have been doing my stats for ages now. Never have I seen anywhere near as many down as 'AVAILABLE NOW'.

Did a search on 2 beds in edinburgh 6-700. Almost every one was AVAILABLE NOW.

HUGE oversupply. Just think of the void periods. Remember folks - 'Ill just rent it out instead' is one of the most important aspects of this crash. It will keep it going on and on and on.... :lol:

I can exclusively reveal rents in Edinburgh are about to collapse. ;)

Thanks to your research ccc, I will negotiate hard on my next rental. I have a little one on the way in April next year which means I need a 2 bedroom and maybe a garden. Your collation of data has saved me some time. Nice one matey ;)

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Thanks to your research ccc, I will negotiate hard on my next rental. I have a little one on the way in April next year which means I need a 2 bedroom and maybe a garden. Your collation of data has saved me some time. Nice one matey ;)

No probs. I have just done my monthly search on the facts and figures thread. Big increase. So many are available now. I think searching for a 2 bedder will not be difficult in April.

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I'll just rent it out instead.... :rolleyes:

Have a look at the rental listings. Have a look up and down Dundas St for a perfect example. Masses of places to rent that you would usually have to be quick in to get.

Holy shit !!! Just did a quick search on citylets. Have been doing my stats for ages now. Never have I seen anywhere near as many down as 'AVAILABLE NOW'.

I can exclusively reveal rents in Edinburgh are about to collapse. ;)

Note, best of all, the plethora of DJ Alexander To Let and For Sale signs within line of sight of their two offices in that street!

:lol::lol::lol::lol:

Edited by Bjørn
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When you look at stats for those sites does properties for sale include those that are under offer?

I've noticed recently that estate agents seem loathe to remove properties that have sold as if they are so proud of the fact that they have managed to sell one. Perhaps they were saving up some sold properties to take off when the Home Reports increase the number properties on their site?

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As far as ESPC goes - unclear.

I got the impression at one stage that it depended on the individual agent - some left 'Under Offer' on the site, some would remove; but it's not something that's easily monitored from a PC screen..... all I can go by is the numbers on the site.

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I've been using ESPC for a year and as soon as the owner accepts an offer it disappears. I've seen for example the property disappear off espc but remain on Rightmove for up to 3 months. It might be the case that there's a delay occasionally.

I *believe* this is because the exchange of contracts up here happens at an earlier stage therefore the property is removed from the market earlier. That said, I'm a recent immigrant so I wouldn't rely on anything I write here...

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I'll just rent it out instead.... :rolleyes:

Have a look at the rental listings. Have a look up and down Dundas St for a perfect example. Masses of places to ren that you would usually have to be quick in to get.

Holy shit !!! Just did a quick search on citylets. Have been doing my stats for ages now. Never have I seen anywhere near as many down as 'AVAILABLE NOW'.

Did a search on 2 beds in edinburgh 6-700. Almost every one was AVAILABLE NOW.

HUGE oversupply. Just think of the void periods. Remember folks - 'Ill just rent it out instead' is one of the most important aspects of this crash. It will keep it going on and on and on.... :lol:

I can exclusively reveal rents in Edinburgh are about to collapse. ;)

This is certainly the case with stuff I'm looking at. Since I don't yet know exactly when I'll be moved north I'm simply monitoring a file of 'potential' rentals and have been building this file for a couple of months. As far as I can tell everything on the file remains available and the list just seems to keep growing.

All those I viewed a month ago are definitely still available, some with reduced asking rents. (By £200 in a couple of cases - as context this relates to 3-4 bed family houses, not flats.) Only a minority of those I viewed were from professional landlords. Some of the rest were actively also for sale, some were confirmed as folk renting rather than selling.

Outside the city limits I get the feeling these issues are far more extreme, but since I'm not actively looking there that is an impression rather than directly monitored fact.

Whether all this will continue to be the case through January I can't say, for the moment I'm feeling happy.

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They're all "renting until the market recovers".

Standard advice in Edinburgh.

When they realise a recovery is a long way off, they will flood the market, making a bad situation worse.

Though not for FTB's.

"I'll just rent it out instead"

Great for FTB's. As I have said for ages this will ensure that any look of recovery will be quickly destroyed by a flood to the market. Excellent. The rental market is flooded at the moment.

They are just storing up problems for the future. Such a false economy. If I had a place I had to sell I would knock 20% off and get it sold within a week. Then sit back and stop worrying. These people are going to go through months, in fact probably years of stress, simply in the hope of a return to Summer 2007 prices.

I think they are likely to lose. 95% likely IMO.

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If I had a place I had to sell I would knock 20% off and get it sold within a week.

To be fair, it's not that simple. There's such a massive dry up in buyers (at least where I am in Glasgow, and I'm sort of semi-looking to buy) that sellers must be stuck between a rock and a hard place. I seem to have been the only viewer so far for a lot of places, and get a real sense of desperation from some sellers. Trouble is, if they drop it 15-20%, they're still going to be competing with pages of similar properties, and as a buyer you can feel overwhelmed. YourMove seems to have basically forced all sellers to drop 15%. But if they drop massively below the competition, which is where they'd probably need to be to sell (so a 30% drop), an overwhelmed buyer is likely to miss it (I've gone from a very large price range and turning up virtually nothing last year, to having to go to a very small range and turning up hunderds!). I'd tend to assume something priced way under the norm had something wrong with it.

So I reckon it's probably up to buyers to scout around, put in stupidly low offers and see who bites first. Trouble is I'm too bloody polite. :(

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To be fair, it's not that simple. There's such a massive dry up in buyers (at least where I am in Glasgow, and I'm sort of semi-looking to buy) that sellers must be stuck between a rock and a hard place. I seem to have been the only viewer so far for a lot of places, and get a real sense of desperation from some sellers. Trouble is, if they drop it 15-20%, they're still going to be competing with pages of similar properties, and as a buyer you can feel overwhelmed. YourMove seems to have basically forced all sellers to drop 15%. But if they drop massively below the competition, which is where they'd probably need to be to sell (so a 30% drop), an overwhelmed buyer is likely to miss it (I've gone from a very large price range and turning up virtually nothing last year, to having to go to a very small range and turning up hunderds!). I'd tend to assume something priced way under the norm had something wrong with it.

So I reckon it's probably up to buyers to scout around, put in stupidly low offers and see who bites first. Trouble is I'm too bloody polite. :(

Not from where I am looking in Edinburgh. There will be similar houses. They will all be roughly around the same price, less than last year but still - OVERPRICED !!

There will be a couple that are silly priced as if we are still in 2007. There will be a couple that are 15-10% less than he big group.

These will sell IMO. I have seen numerous examples. My parents house for example. On for 1 year. I told them what to do. Dropped the price by 15%. Sold in 5 days.

The secret is dropping the 15-20% BEFORE ANYONE ELSE DOES. ;)

As for your second point - can I ask why ? Go and have a look if you think there must be something wrong with it. Perhaps there is not. No harm. No time to be shy.

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"I'll just rent it out instead"

Great for FTB's. As I have said for ages this will ensure that any look of recovery will be quickly destroyed by a flood to the market. Excellent. The rental market is flooded at the moment.

They are just storing up problems for the future. Such a false economy. If I had a place I had to sell I would knock 20% off and get it sold within a week. Then sit back and stop worrying. These people are going to go through months, in fact probably years of stress, simply in the hope of a return to Summer 2007 prices.

I think they are likely to lose. 95% likely IMO.

Just been to the supermecardo, on the commuity board is a 2 bed flat up for £590, been there at least a month. Now has a handwritten "£500 pcm for quick entry".

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Just been to the supermecardo, on the commuity board is a 2 bed flat up for £590, been there at least a month. Now has a handwritten "£500 pcm for quick entry".

I imagine there will be a lot of that soon.

Drove through Ravelston/Murrayfield today. You know the nice back bit with all the big old mansions. Saw about 3 of them up for rent !! I can only imagine the owners are not happy with what they have been told they will get. Decided to 'rent it out instead'. You rarely see even one of these up for rent.

I imagine for most this is fairly greedy action. The vast majority of these homes must have a bog wad of equity in them ?

Unless there has been a huge amount of Mewing going on ....................

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I emailed the Home Report team to ask if I bought a house based on the valuation that subsequently turned out to be over priced, would I have any comeback from the surveyor who valued it at that price?

This is their reply:

New legislation (SI 2008/1889) gives the buyer a statutory right to damages if the Single Survey report is prepared in a way which is negligent or biased. The surveyor therefore has a formal legal liability to both the seller who instructed it and the buyer, and will write the survey report with both parties in mind. They can also rely on the survey because it must be prepared by a chartered surveyor who will be subject to the rules of conduct and professional standards set out by the RICS. Where a problem does occur with a survey report, as can happen from time to time, the surveyor is bound by complaint and redress systems including the independent Surveyor Ombudsman Scheme. Surveyors clearly must be objective in the way they report, and RICS and individual firms are ensuring this through training.

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